sealed-bid auction Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “sealed-bid auction” in the English Dictionary

"sealed-bid auction" in Business English

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sealed-bid auctionnoun [C]

uk   us  
COMMERCE an auction in which ​buyers are given just one chance to make a ​secretoffer, without knowing the ​amount of other ​offers: The ​pricepaid was more than the ​market was expecting and significantly more than our ​competitors in the sealed-bid ​auction were prepared to ​pay.
(Definition of sealed-bid auction from the Cambridge Business English Dictionary © Cambridge University Press)
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